Palm Oil (Global Market)

Main article: Agriculture (world market)

2022

Indonesia and Malaysia produce 84% of the world's palm oil

Indonesia imposes ban on culinary oil exports

In April 2022, palm oil rose in value after Indonesia it said it would ban all culinary oil exports, a surprise move that threatens to worsen global food inflation and increase volatility in crop markets.

Indonesia said supplies will stop from April 28, 2022. The ban will last until the country eliminates the domestic deficit.

The largest suppliers of vegetable oil in the world, season 2021-2022

Benchmark palm oil futures jumped 7% and shares of Indonesian companies in the industry fell. The unexpected move will drive up spending for food producers around the world.

2020: The 15 countries that spent the most on palm oil imports

1. India: US $5.1 billion (15.1% of total palm oil imported).

2. China: $4.1bn (12.2%)

3. Pakistan: $2.1bn (6.2%)

4. Netherlands: $1.9 billion (5.5%)

5. Spain: $1.4bn (4.1%)

6. Italy: $1.2bn (3.7%)

7. US: $1.1 billion (3.2%)

8. Bangladesh: $896.9m (2.7%)

9. Kenya: $829.6 million (2.5%)

10. Russia: $793.2 million (2.3%)

11. Egypt: $732.5 million (2.2%)

12. Vietnam: $694.7 million (2.1%)

13. Malaysia: $657.1 million (1.9%)

14. Myanmar: $645.3 million (1.9%)

15. Germany: $599.1 million (1.8%)

Among the above countries, the fastest growing palm oil markets since 2019 were:

• Myanmar (up 660.4%),
• Kenya (up 59.2%),
• Vietnam (up 30.8%) and
• Italy (up 20.2%).